Core Insights - Danone's like-for-like sales growth in Q3 exceeded market expectations, driven by strong performance in the China, North Asia, and Oceania (CNAO) region [1][2] - The CNAO region achieved a remarkable 13.8% like-for-like sales growth, significantly outperforming the overall group growth of 3.2% [2] Sales Performance - Danone's like-for-like sales grew 4.8% to €6.88 billion ($8 billion), marking the sixteenth consecutive quarter above the 4% growth threshold, surpassing consensus estimates of 4.3% [2] - The volume/mix in the CNAO region increased by 15.1%, contributing to the overall strong sales performance [2] Regional Analysis - Within the CNAO region, China showed a 17% like-for-like sales performance in specialized nutrition, raising concerns due to fluctuations in birth rates [3][4] - North America experienced a modest volume/mix growth of just 0.3%, with like-for-like sales at 1.5%, falling short of the consensus estimate of 1.8% [4] Product Categories - Danone noted challenges in the plant-based category in North America, although high-protein products showed strong momentum [5] - The company highlighted a consistent improvement in Europe, with positive volume/mix growth for eight consecutive quarters [6]